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China yuan

Tuesday Chart Check (Frozen Money Markets Edition)

Confucius say: "It's probably nothing"...

Look out! Chinese money markets are freezing up again.

This is O/N yuan HIBOR and as you can see, the cost of short-term liquidity is spiking, reinforcing the notion that the biggest risk for the PBoC is “tightening too much.”

hibor

(Chart: Bloomberg)

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